The sports retail chain said its purchase of the Top-Flite trademarks and service marks would add a highly recognized name to its portfolio while giving it a greater competitive advantage in the golf market.

The sale comes after a string of higher earnings for Dick's Sporting Goods, which has expanded its footprint of late. The retailer in November said it would pay its first annual dividend.

Callaway is undergoing its own transition after it hired former Adams Golf Inc.
ADGF
Chief Executive Oliver "Chip" Brewer as its new president and CEO, ending a nearly eight-month search for the company's next leader.

Dick's shares were recently off 10 cents at $48.55 after hours Wednesday. Callaway shares were inactive at $6.78.

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